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LIC Faces Rs 183 Crore GST Notice: Implications, Challenges, and Financial Impact The Life Insurance Corporation of India (LIC) is grappling with a Goods and Service Tax (GST) notice amounting to Rs 183 crore, as revealed on December 11. The notice, which encompasses pending dues, penalties, and
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FAQ :
The total amount of the GST notice issued to LIC by the Telangana tax authority is £183 crore.
The GST notice pertains to the fiscal year 2017-18.
The GST notice is centered on accusations of 'short payment under reverse charge mechanism' and alleged 'excess input tax credit'.
Yes, LIC has the option to contest the order before the Appellate Joint Commissioner (ST), Hyderabad Rural Division.
LIC has reassured stakeholders that the GST notice has no material impact on its financials, operations, or other activities.
Yes, LIC recently faced a £290 crore GST bill from Bihar for reasons including 'non-reversal of Input Tax Credit'.
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